The first study presented here looks at the effects of years of schooling on earnings and assesses how much earnings and years of schooling are attributable to inequality of opportunity. The second study examines the effects of schooling on health. The first study examined a sample of approximately 1,000 pairs of identical twins and 900 pairs of fraternal twins. Results suggested that education has only modest effects on earnings, with each year of schooling increasing annual earnings by less than 5 percent. Results also indicated that inequality of opportunity is more important as a source of inequality of schooling than a source of inequality of earnings. These results suggest that even if it were possible to eliminate all sources of inequality of opportunity, most of the inequality of earnings would remain. The second study used data from Social Security files concerning 90,000 individuals. Results indicated that those with a college degree have a greater life expectancy than less educated groups and that generally life expectancy rises substantially with education. Unlike previous studies, this study also found that these correlations applied even to subjects over 65. (Author/JM)